USD Overview

Yesterday, USD weakened against most major currencies except NZD and JPY.

In the meeting minutes released earlier today, the Federal Reserve highlighted that the lack of further fiscal stimulus from Congress will disrupt the economic recovery from the pandemic.


NZD/USD Outlook

Overall, NZD/USD is ranging across. Recently, NZD/USD weakened and bounced down from the key level of 0.66 after it was announced that the Reserve Bank of New Zealand is actively working on negative interest rate and the Funding for Lending Programme (FLP) that was announced in the previous monetary policy meeting. The central bank also highlighted that they do not have a fixed number for lower bound of interest rate.

NZD/USD’s next support zone is at 0.65200 and the next resistance zone is at 0.67600.
Look for short-term selling opportunities of NZD/USD.


AUD/USD Outlook

Overall, AUD/USD is ranging across. Recently, AUD/USD bounced off the resistance zone of 0.71700.

The Reserve Bank of Australia will be releasing their financial stability review on the conditions in the Australian financial system tomorrow at 0830 (SGT).

AUD/USD’s next support zone is at 0.69800 and the next resistance zone is at 0.71700.
Look for selling opportunities of AUD/USD.


USD/JPY Outlook

Overall, USD/JPY is ranging across. Recently, USD/JPY trended into the key level of 106.

Currently, USD/JPY is testing to break above the key level of 106. Its next support zone is at 105.400 and the next resistance zone is at 106.800.
Look for buying opportunities of USD/JPY if it breaks above the key level of 106.


EUR/USD Outlook

Overall, EUR/USD is ranging across. Recently, EUR/USD bounced off the support zone of 1.17400.

The European Central Bank will be releasing the minutes for the previous monetary policy meeting later at 1930 (SGT).

EUR/USD’s next support zone is at 1.17400 and the next resistance zone is at 1.19700.
Look for buying opportunities of EUR/USD.


GBP/USD Outlook

Overall, GBP/USD is trending downwards. Recently, GBP/USD broke above the key level of 1.29.

Yesterday, it was announced that the UK government plans to quit out of Brexit trade talks if nothing is finalized by 15 October.

GBP/USD’s next support zone is at 1.28000 and the next resistance zone is at 1.30200.
Look for short-term selling opportunities of GBP/USD.


USD/CAD Outlook

Overall, USD/CAD is trending upwards. Recently, USD/CAD moved lower, breaking below the key level of 1.33.

The Canadian housing starts data (Forecast: 240K, Previous: 262K) will be released later at 2015 (SGT).

Bank of Canada Governor Macklem will be delivering opening remarks at the Global Risk Institute’s online summit later at 2030 (SGT). During this time, there may be volatility in CAD.

USD/CAD’s next support zone is at 1.32200 and the next resistance zone is at 1.34200.
Look for short-term buying opportunities of USD/CAD.


GBP/JPY Outlook

Overall, GBP/JPY is trending downwards. Recently, GBP/JPY bounced off the support zone of 136.200.

Yesterday, it was announced that the UK government plans to quit out of Brexit trade talks if nothing is finalized by 15 October.

Currently, GBP/JPY is testing to break above the key level of 137. Its next support zone is at 136.200 and the next resistance zone is at 138.100.
Look for short-term buying opportunities of GBP/JPY if it breaks above the key level of 137.


EUR/JPY Outlook

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY trended into the resistance zone of 124.600.

The European Central Bank will be releasing the minutes for the previous monetary policy meeting later at 1930 (SGT).

Currently, EUR/JPY is testing the resistance zone of 124.600 and the next support zone is at 121.700.
Look for selling opportunities of EUR/JPY if it rejects the resistance zone of 124.600.


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By Jin Dao Tai

JinDao Tai is an Entrepreneur, Award-Winning Forex Coach & Trainer, International Speaker and Multi-Million Dollar Trader. Starting out his career as an economic & financial consultant in Australia, one day he decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.

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